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Mike Flannery CHICAGO (CBS) ― President-elect Barack Obama and his inner circle fear that some voters expect him to turn around the economy, wind down the war in Iraq and, perhaps, cure cancer — all by the Fourth of July.

They know they must manage and lower those expectations, CBS 2 Political Editor Mike Flannery reports.

A top economic advisor to Obama had a glum warning for the rest of us Thursday morning: Neither the job market nor the stock market will be turning around any time soon.

“This might be a long haul,” said Robert Reich, who was President Bill Clinton’s secretary of labor. “2009 is going to be a very hard year. Some economists say we won’t be out of this for two years, others are saying it may be three, or four, maybe five years.”

Now on Obama’s transition team, Reich worries about what happens after the new president is sworn in Jan. 20.

“We all have to be very careful about the expectations that we are putting on this man, our president-elect,” Reich said. “If we all assume it’s going to be the first 100 days, we’re going to be disappointed.”

The man who was Obama’s chief campaign strategist is moving to lower expectations, too.

“We are inheriting an array problems unlike any president has faced, maybe since Franklin Roosevelt in 1932,” David Axelrod said. “It’s not going to be easy, not going to be quick.”

Rick Jasculca worked for President Jimmy Carter, President Clinton and Sen. Hillary Clinton. He said Obama will need every bit of his skill as a communicator.

“If people see you reaching across the aisle and they see you making progress — going forward rather than going backward — I think people will give  you the benefit of the doubt,” Jasculca said.

Added Axelrod: “One of his great strengths is he is never too high, he’s never too low — he’s very focused.”

That’s why some called  him “No-Drama Obama.” That has changed a bit, since the president-elect and his Chicago-based team of political operatives have begun to bring on board veteran Washington politicos.

Now there are stories quoting unnamed sources who claim, for example, that Obama’s team is frustrated with Hillary Clinton’s delay in taking the job of secretary of state. They’re not happy with those stories.

“This is a great example of when there’s a vacuum, the vacuum gets filled with a lot of speculation and hyperbole,” Axelrod said. “No one is frustrated. No one is anguished. She’s obviously a talented public servant and someone who’d enhance any team.”

Transition aides said late Thursday that Obama plans to nominate Clinton for secretary of state formally after Thanksgiving.

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